Affordable Housing Projects Redifining Gurgaon Real Estate Market

By Governance Today
In Governance Watch
October 21, 2014

The initial footfall in the region of Gurgaon witnessed massive incursion of MNCs and global giants who had setup their head offices and plants & machinery. This ignited the industrial development in the region which later made way for infrastructural expansion. Once the region developed a decent infrastructure and connectivity, real estate developers wasted no time to enter and develop it into a commercial hub. With lots of job opportunities, then came in the demand for housing which has been taken care off very well by several residential projects and townships delivered across the region. Over the years, Gurgaon has now become the real estate hub of NCR with a lot to offer in residential, commercial and industrial segments. The ever increasing demand and rapid progress in infrastructure of the region made the prices rise parallel. Today, Gurgaon has become one of the costliest cities in terms of affordability in NCR and most interested buyers fail to afford a property in this region.

   Therefore, understanding the value for ‘homes for all’ and an aim to fulfil the current government’s dream for ‘Right to home’, several experienced developers and newcomers in the region are offering projects that cater to the affordable segment of real estate. Off late, Gurgaon has been witnessing a massive footfall by new entrants in the realty sector with ample of professional experience riding with them in diverse fields. In a similar boat, a new player ‘Signature Global’ has made its way to the millennium city; and is planning to soon come out its maiden residential project ‘Solera’ at Sector 107, in the heart of Gurgaon.

   Being empathetic with the significance of ‘homes for all’; the project will be under affordable segment which now days is a rare sight in a region like Gurgaon. But when we speak off affordable homes, we must first ask, affordable for whom; is it affordable for those earning Rs. 8,500 to Rs. 40,000 per month, who comprise 40 percent of our populace and fall both in the formal and the informal sectors? And if so, where are the flats for these 40 percent? Where are the builders to develop such properties? And, critically, where are the banks which will dole out the loans? The answer for all these questions is the same – as good as none. Therefore, the company feels that developing affordable housing project in the heart of city like Gurgaon is a daring approach to enter the realty market, but also creates the perfect mix of reliability and responsibility towards the nation and its people. Located at Sector 107 Gurgaon, Signature Global’s Solera complex is a truly unmatched residential opportunity. Being developed in conjunction with the government of Haryana, this residential complex will give a new meaning to the term ‘Value Based Housing’. The apartments will be allotted by a draw of lots – making sure that as soon as they are launched, the value of the property, including the retail centre, shoots up tremendously. Being an affordable segment project; the company is planning to offer 1 & 2 BHK apartments with features like zero maintenance for 5 years, provision for power and water back up, exclusive children’s play area, picturesque landscaping, state of art contemporary construction & architecture and well ventilated apartments with abundant natural light. The USP apart from being an affordable project in the region of Gurgaon; it shares a wonderful location and is strategically located with Delhi being 5 mins away, 2 mins from proposed metro station, 2 mins from Dwarka Expressway, 10 mins from NH 8 and 10 mins from IGI.

Moving steady and looking confident; Mr. Pradeep Aggarwal, Chairman, Signature Global feels that “To successfully enter and remain in a market, it is most vital to understand the needs of the public. Gurgaon today has become one of the most costly destinations of NCR with so high demand and customers find it hard to afford a property and end up renting a flat for life. We wish to enter this region with a single aim of enhancing the living standards of people by offering them the best region at the best quality and price. With our focus and determination in place, we are getting ready now and will soon announce the launch of our maiden project”.

   Ansal Housing, a name which has been developing for the country for over 30 years now has been immensely experienced and successful in developing affordable segment housing projects and townships across the country with several projects in Gurgaon, Agra and other such destinations. Mr. Kushagr Ansal, Director, Ansal Housing believes that “One of the most important thing that a developer needs to understand today is, how to create a right balance in the economy and how to synchronize with the objectives of the government. If we develop a lot of luxurious or ultra-luxurious projects, we will end up creating a huge gap between demand and supply and thereby, increasing inventories. Today also, majority of interested customers are looking for a property that they can afford and meet their necessity, i.e. affordable houses. Therefore, focusing more towards affordable segment is what we have been doing for quite some years now with a few high end projects to create the perfect blend for the public. If this plan is executed by other developers also, not only will the aim of right to homes be met but there will be a better demand and supply analysis available which will help the sector in the long run”.